The global API Xchange (APX) platform will drive financial inclusion globally, connecting financial institutions and fintech firms in the MENA region with ASEAN via an open-architecture digital marketplace.
Abu Dhabi Global Market (ADGM) has announced an initiative to launch a fintech digital sandbox.
In a statement, ADGM said that the digital sandbox will allow financial institutions and fintech innovators to experiment on products and solutions in an environment supported by regulatory standards developed by the Financial Services Regulatory Authority (FSRA).
The digital sandbox will provide a marketplace for open collaboration between financial institutions, fintech firms as well as regulators to facilitate testing and adoption of innovative digital financial products that can benefit the industry in the region.
Additionally, the ADGM digital sandbox will allow financial institutions to procure fintech solutions locally and globally, run tests digitally on the platform and adopt as well as orchestrate the best ones that meet their business needs.
Richard Teng, CEO of ADGM’s FSRA, said that the objective of the digital sandbox is to help financial institutions build deep digital capabilities to tap market opportunities and promote financial inclusion through innovative technologies to better cater to the underserved population in the MENA region.